Y V Reddy to be new RBI governor
New Delhi: Y Venugopal Reddy, currently executive director of International Monetary Fund, will be the new governor of the Reserve Bank of India, succeeding Bimal Jalan.

The name of Reddy, a former Deputy Governor of RBI, has been cleared by the appointments committee of the Cabinet chaired by Prime Minister Atal Bihari Vajpayee, official sources said on Friday.
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Rupee at 46.2150/46.2250
Mumbai: The rupee slid on Thursday after the RBI move to set an upper limit on the interest offered by banks to non-residents on repatriable rupee deposit scheme sparked some anxiety, the dealers said.
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RBI announces minimum discount for buyback of Gilts.
Mumbai: The Reserve Bank of India on Thursday announced a minimum discount of 7.5 per cent of market price for acceptance of government securities offered by eligible institutions under the Centre's buyback scheme. Auction under the scheme is scheduled for July 19.
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RBI clamps ceiling on interest rate on NRE deposits
Mumbai: In what is seen as an attempt to eliminate arbitrage opportunities, Reserve Bank of India today clamped a ceiling on the rate of interest on NRE deposits. This is expected to bridge the wide difference in interest rate being offered to NRI depositors in India and the prevailing rates overseas.
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SBI to expand global Operations
Mumbai: State Bank of India chairman AK Purwar said on Thursday that the bank is planning to expand its global presence by having operations in 40 countries by March 2005, with a focus on the middle-East and Africa.

The bank also proposes to retain at least 30-35 per cent of the Resurgent India Bonds redemption proceeds in the form of a new deposit scheme for the NRIs to be announced shortly.
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ICICI Bank to set up office in Dubai
Mumbai: The approvals have been cleared for ICICI Bank to set up a representative office in Dubai, with the board of Central Bank of UAE approving the proposal.

The representative office will enable the bank to increase its participation in India's trade transactions with UAE and in exploring other commercial possibilities such as loans and joint ventures.
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Karnataka Bank Chairman's term extended
Mangalore: The term of the Karnataka Bank Chairman, Mr Ananthakrishna, has been extended for a further period of three years, according to a press release from the bank.
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BoB expects to enter insurance business this year
Mumbai: Bank of Baroda has short listed three-four foreign players for its plan to foray into life insurance business. The approval from the Reserve Bank of India for its insurance venture however, is still pending.
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Union Bank of India signs pact with M&M Subsidiary
Mumbai: The Union Bank of India has entered a tie-up with Mahindra Shulabh Services Ltd , a wholly-owned subsidiary of Mahindra & Mahindra to provide crop finance to the farmers who are undertaking contract farming with them.
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